As 2025 draws to a close, Howden Re, a reinsurance intermediary and advisory business known for its independent model and client-focused approach, offers its perspective on how relationships are shaping the current Property (D&F and Binders) treaty reinsurance landscape.
According to Howden Re’s latest outlook, the market is experiencing what it calls a “hard market softening.” Their ‘Who Dares Wins’ report underlines that collaboration and discipline are the guiding principles for navigating this stage.
For Howden Re’s Property Specialty team, the defining factor in this environment is the strength of connection between cedants, reinsurers, and brokers.
“This is not a market that rewards short-term thinking,” said Paul Esterbrook, Managing Director at Howden Re. “We have seen cycles come and go, but the partnerships that endure are the ones built on transparency and consistency.”
Esterbrook added: “Now in our fourth year since the launch of Howden Re, we are very proud to have built a substantial, high-quality client base in the D&F and Binders treaty space, gaining considerable market share year on year.”
Howden Re observes that reinsurer appetite remains robust for cedants with consistent performance records. Capacity for strong portfolios continues to hold firm, supported by balanced awareness of catastrophe exposure and a flexible approach to structuring.
Esterbrook describes the current setting as a mature market: “The names on the doors might change, but most of the people, and the relationships built over years, are the same. That continuity matters and it’s what allows us to have real conversations built on shared history and trust.”
After the post–Hurricane Ian recalibration that saw attachment points rise, the subsequent two years have brought a moderate decrease. This has opened up new avenues for creative programme design as cedants and reinsurers work together to enhance capital efficiency and broaden protection.
In today’s fast-moving information environment, Howden Re highlights that reinsurance remains fundamentally about people. “Clients don’t want a broker who is just a postbox,” said Chris Medlock, Director, Global Specialty Treaty at Howden Re. “They want a team that understands both sides of the table – who can interpret the nuances, manage outcomes and communicate effectively. That is where real value is created.”
Howden Re’s Property Specialty team believes the broker’s role now extends far beyond transaction facilitation. The modern broker must act as a strategic partner—combining technical expertise, market influence, and trusted relationships to bring stability through every phase of the cycle.
The team’s collective approach focuses on collaboration and long-term partnership. Drawing on a deep pool of experience and connections, they operate as one unit rather than individuals, using their shared knowledge and longevity to strengthen client outcomes.
“It’s about maintaining the discipline to communicate candidly, manage expectations and stay focused on long-term goals,” continued Esterbrook. “That consistency builds resilience, for clients and for the market.”
Medlock agreed: “Clients who prioritise long-term partnerships tend to achieve better outcomes over time. When the market tightens again – as it will again – those relationships are what ensure continuity and support. As highlighted in our ‘Who Dares Wins’ report earlier this year, collaboration, innovation and adaptation will be key to capturing the opportunity and sustaining resilience in the next phase.”
While the market is gradually easing from its 2023 peak, Howden Re notes that profitability continues for both cedants and reinsurers. Capacity deployment remains strong across diversified portfolios, and cedants are seeing benefits in pricing and retentions.
As 2026 renewals approach, Howden Re’s Property Specialty team is concentrating on reinforcing the foundations that help clients face the next stage with confidence.
“We’re proud of the relationships we’ve built with major markets over decades,” concluded Esterbrook. “That doesn’t happen overnight. It’s built on years of trust, consistency and showing up in every phase of the market cycle.”
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